āagman

Not investment advice. Data and computed figures, for information only.

Bharat Forge Ltd

NSE: BHARATFORGF&O
₹1,852.40
+₹13.60 (+0.74%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹88,787 Cr
CMP
₹1,852.40
52-wk High / Low
₹2,295 / 1,218
P/E
87.9
P/B
9.1
Book Value
₹200.0
Div Yield
0.47%
ROCE
13.0%
ROE
12.0%
Face Value
₹2
D/E
0.76

Price+51.8% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹319
√(22.5 × EPS × book value per share)
ROIC
7.5%
vs 11.5% sector median
Cash flow to profit
1.37
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−210
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
7.0%
ROE × earnings retention ratio
ROE stability
2.9
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.95FII +1.03DII +0.24
Latest quarter vs the previous one
Cash-accrual divergence
−1.9%
of assets
Low = accruals track cash flow
Strengths
Watch-outs
−Latest ROCE of 13% trails the sector median of 18.5%
−Borrowings are up 116.6% since FY2016 (3375 to 7309)
−Price trades below its 200-day moving average (1.0x)
−Promoter holding fell by 2.1pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,8773,7743,8664,1644,1063,6893,4763,8533,9094,0324,3434,5284,640
Expenses3,2823,1533,1693,5213,3653,0422,8533,1743,2393,3083,5973,7513,942
Operating Profit595621698643741647623679670724746777698
OPM %15.3%16.5%18.1%15.4%18.0%17.5%17.9%17.6%17.1%18.0%17.2%17.2%15.0%
Other Income67515845−996238575054−13−46−301
Interest11412413711612411096888280778490
Depreciation206211224207218213218224226241249255263
Profit before tax34133739536630038534742441145740739244
Net Profit214215254227175243213283284299273233−90
EPS (₹)4.804.885.685.074.365.234.455.905.936.265.534.86−1.88

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,6226,8096,3968,35810,1468,0566,33610,46112,91015,68215,12316,81217,543
Expenses6,2325,3975,2766,6358,0986,9845,5048,47811,17413,12112,43113,89414,597
Operating Profit1,3901,4131,1211,7232,0481,0728321,9831,7372,5622,6922,9172,946
OPM %18.2%20.8%17.5%20.6%20.2%13.3%13.1%19.0%13.5%16.3%17.8%17.4%16.8%
Other Income22614839146199109−1382881242175544−306
Interest136116100107127171108160299491417323331
Depreciation3624534524675215486127307368488749711,008
Profit before tax1,1189929601,1961,599462−251,3818271,4391,4561,6671,301
Net Profit7606757117541,033349−1271,0775089109131,089716
EPS (₹)16.3814.5715.1316.3822.177.51−2.7123.2311.3520.4319.6922.5814.77

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital474747939393939393939696—
Reserves3,3983,3674,0704,5595,2835,1275,3226,4786,6127,0779,1589,484—
Borrowings2,5463,3753,1243,2574,0294,4695,2715,9727,3137,9486,6987,309—
Other Liabilities2,2451,5041,6002,0682,1731,7932,4022,9504,2164,0664,0175,350—
Total Liabilities8,2368,2928,8419,97711,57811,48213,08815,49218,23519,18419,96822,238—
Fixed Assets2,6293,1343,2773,5003,6254,0024,7504,8706,1616,3096,6278,215—
CWIP8704094533448311,1439001,1257019911,7321,298—
Investments4968861,1921,5011,5241,6182,6072,6042,5691,8492,0631,738—
Other Assets4,2423,8633,9194,6325,5994,7204,8316,8938,80410,0349,54710,987—
Total Assets8,2368,2928,8419,97711,57811,48213,08815,49218,23519,18419,96822,238—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity7161,0351,3561,0529679111,5221,0205061,2941,6641,7961,487
Cash from Investing Activity−244−467−888−737−722−1,196−1,114−1,511−690−1,666−665−1,964−1,038
Cash from Financing Activity−640−360−448−401−314368−381578310280−203−570−442
Net Cash Flow−16820819−86−69832687126−91796−7386

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %15.021.017.013.018.020.07.03.011.08.013.012.013.0
ROE %————————————12.0
EPS (₹)10.7116.3814.5715.1316.3822.177.51−2.7123.2311.3520.4319.6922.58
Book Value (₹)————————————200.0
Face Value (₹)————————————2
P/E————————————87.9
Div Yield %————————————0.47
NPM %7.29.79.710.59.010.04.3−2.010.03.95.76.06.5
OPM %14.018.021.018.021.020.013.013.019.013.016.018.017.0
D/E0.950.740.990.760.700.750.860.970.911.091.110.720.76
P/B————————————9.1

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+9.0%
5 years+22.0%
3 years+9.0%
TTM+18.0%
Compounded profit growth
10 years+5.0%
5 years+39.0%
3 years+33.0%
TTM−2.0%
Stock price CAGR
10 years+15.0%
5 years+18.0%
3 years+18.0%
Last year+49.0%
Return on equity
10 years12.0%
5 years12.0%
3 years12.0%
Last year12.0%

Shareholding pattern

As of 30 Sep 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters47.24%47.24%47.24%46.24%46.24%46.25%46.25%46.25%45.25%45.26%45.26%44.07%44.07%43.12%
FIIs0.00%0.00%0.00%15.18%21.36%19.27%20.71%24.94%19.80%16.17%16.48%16.08%14.15%15.18%
DIIs32.54%32.54%32.54%19.77%12.70%12.93%15.71%12.17%23.55%27.70%28.06%30.20%32.62%32.86%
Government0.00%0.00%0.00%0.00%0.09%0.14%0.18%0.28%0.16%0.18%0.18%0.15%0.15%0.00%
Public20.23%20.23%20.23%18.82%19.61%21.41%17.15%16.36%11.23%10.70%10.04%9.49%9.00%8.84%
No. of shareholders1,05,8251,05,8251,05,8251,03,3861,20,5481,42,0621,32,7571,44,2971,53,7181,62,1051,89,1042,14,7252,28,1562,27,796
Change since Jun 2023 (pp)
Promoters −4.12FIIs +15.18DIIs +0.32Public −11.39

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement Under Regulation 30 - Update On LitigationAnnouncement under Regulation 30 (LODR)-Press Release / Media ReleaseShareholder Meeting / Postal Ballot-Outcome of Postal_BallotClosure of Trading Window
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTAug 2026RecordingAug 2026PPTMay 2026TranscriptMay 2026PPTFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingNov 2025TranscriptNov 2025PPTNov 2025Recording

Corporate actions

As of 3 Jul 2026
3 Jul 2026DIVIDENDDividend - Rs 6.50 Per Share—
18 Feb 2026DIVIDENDInterim Dividend - Rs 2 Per Share—
4 Jul 2025DIVIDENDDividend - Rs 6 Per Share—
18 Feb 2025DIVIDENDInterim Dividend - Rs 2.5 Per Share—
5 Jul 2024DIVIDENDDividend - Rs 6.50 Per Share—
23 Feb 2024DIVIDENDInterim Dividend - Rs 2.50 Per Share—
7 Jul 2023DIVIDENDDividend - Rs 5.50 Per Share—
24 Nov 2022DIVIDENDInterim Dividend - Rs 1.50 Per Share—
14 Jul 2022DIVIDENDDividend - Rs 5.50 Per Share—
25 Nov 2021DIVIDEND Interim Dividend - Rs 1.50 Per Share—
15 Jul 2021DIVIDEND Dividend - Rs 2 Per Share—
3 Mar 2020DIVIDEND Interim Dividend - Rs 2 Per Share—
20 Nov 2019DIVIDEND Interim Dividend - Rs 1.50 Per Share—
1 Aug 2019DIVIDEND Annual General Meeting/Dividend Rs 2.50 Per Share—
15 Nov 2018DIVIDEND Interim Dividend Rs - Rs 2.50 Per Share—
27 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 2.50 Per Share—
16 Nov 2017DIVIDEND Interim Dividend Rs 2/- Per Share—
28 Sep 2017BONUS Bonus 1:1—
28 Jul 2017DIVIDEND Dividend - Rs 5/- Per Share—
16 Feb 2017DIVIDEND Interim Dividend Rs 2.50 Per Share—
25 Jul 2016DIVIDEND Dividend - Re 0.50/- Per Share—
18 Mar 2016DIVIDEND Interim Dividend - Rs 4/- Per Share (Purpose Revised)—
17 Feb 2016DIVIDEND Interim Dividend Rs 3/- Per Share—
20 Jul 2015DIVIDENDAnnual General Meeting/Dividend Rs 4.50 Per Share—
11 Feb 2015DIVIDENDInterim Dividend - Rs 3/- Per Share—
21 Aug 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 2.50/- Per Share (Bc End Date Revised)—
13 Feb 2014DIVIDENDInterim Dividend - Rs 2/- Per Share—
1 Aug 2013DIVIDENDAnnual General Meeting / Final Dividend - Rs 2.40/- Per Share—
7 Mar 2013DIVIDENDInterim Dividend Re 1 Per Share—
19 Jul 2012DIVIDENDDividend Rs 2.50 Per Share—
7 Mar 2012DIVIDENDInterim Dividend Rs.1.50 Per Share (Purpose Revised)—
4 Aug 2011DIVIDENDDividend-Rs.3.50 Per Share—
15 Jul 2010DIVIDENDDividend-Re.1/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman